GREENSBORO, N.C. — The Fresh Market here on Wednesday said sales were up 13.3% in the second quarter, falling just short of analysts’ expectations.
Net income at the fast-growing specialty retailer rose 17.3%, to $15.6 million. Sales totaled $354.8 million, and comparable-store sales rose 3.4%, reflecting a 1.8% increase in transactions and a 1.6% gain in traffic. The quarter ended July 28.
Follow @SN_News for updates throughout the day.
“I am pleased that we delivered another quarter of double-digit sales and earnings growth,” said Craig Carlock, president and chief executive officer, in a statement. “Comparable-store sales continued to improve from prior quarters and gross margin expanded, even in the face of rising product cost inflation.”
For the 26-week week period, net income increased 15.8% to $37.8 million, on a sales increase of 13.1%, to $721.4 million. Comparable-store sales increased 3.2%.
During the second quarter of fiscal 2013, the company opened five new stores, including stores in Palo Alto, Calif.; Lincolnshire, Ill.; Mount Lebanon, Pa.; and two stores in Houston. As of July 28, The Fresh Market operated 136 stores in 26 states.
Read more: The Fresh Market Cites Success in Calif.
|Suggested Categories||More from Supermarketnews|